Thursday, April 19th, Ursula Piech, the wife of Ferdinand Piëch, was elected as new member of VW’s Supervisory Board.
Ursula Piech was given a seat on the company’s 20-person board and say in every big strategic decision taken at Europe’s biggest carmaker by sales. Mr Piech, who is the grandson of the creator of the VW Beetle, also won shareholder approval for extra five years as chairman. The election of Ms Ursula Piech was supported by Porsche-Piëch family members, the State of Lower of Saxony and Qatar. She succeeds Dr. Michael Frenzel whose term of office expired at the end of the Annual General Meeting.
“As a member of the supervisory board I would like to contribute to strengthening the success of the company and to represent the interests of shareholders large and small, in a socially responsible manner.“
In 2011 VW sold 8.3 million units and revenues jumped by 26% to a record €159bn. Mr Winterkorn expects 2012 to be a very demanding year for the company, with risks continuously growing. With all these, he also declared that VW will sell this year more vehicles than in 2011, aiming at achieving a similar level of operating profit as last year.